For a lot of business owners, employing a Guernsey accountant is a requirement that they think they have to have on an annual basis when it is time to complete their tax returns. However the reality is that a chartered accountant is a service provider who can assist you in a variety of financial matters.
If you are interested about what an accountancy firm can do for your business or for you personally, then the following information will shed some light on the some of the services that they offer.
A certified accountant and a chartered accountant both have to undertake a comparable training procedure and both are required to sit a number of exams so that they are able to practice accountancy. However, if you are comparing the two, you will discover that there are a few key differences.
Strictly speaking, anyone can label themselves as an accountant, irrespective of the certification or training that they have. Conversely, somebody who says that they are a chartered accountant, is a member of either the Institute of Chartered Accountants of Scotland, the Institute of Chartered Accountants in Ireland or the Institute of Chartered Accountants in England & Wales. These associations will only permit membership once a number of exams have been successfully taken and passed and after a specific volume of working practice.
Basically, when you are employing a Guernsey chartered accountant, you can be sure that they have a required minimum of practical experience plus an accreditation to their name.
Whether you find your financial position is becoming complex or maybe you are in deep financial difficulty, employing a chartered accountant is a great option as they can assist you in working out how to progress.
Keeping hold of a chartered accountant will provide you with an emotional tranquillity because you can be rest assured that financial affairs are in good hands and being dealt with appropriately.
If you are looking to engage a chartered accountant, you will discover that the accountants that do participate in public practice employment will have a working license that will affirm that they are qualified to do the work. This denotes that they have reached additional specifications and that they have acquired the suitable professional proficiency to be able to work for you.
If you are searching for somebody to assess your financial affairs in Guernsey, you will realise that a chartered accountant will probably be the most capable person to help you out. Ensure that you take your time to check out the accountant’s qualifications and you can be certain in their competence to manage your financial matters.
Assurance & Regulatory
Most Guernsey accountants will help develop your corporate reporting and deliver assurances that practices are working efficiently within an overall measured environment. Their approach is adapted to fit the size and characteristics of your company.
You will find that Guernsey auditors are all registered and their work takes account of all existing and projected protocols and guidance.
They offer specialised assurance services to doctors, solicitors, pension funds and charitable organisations.
Annual & Monthly Accounts
Many Guernsey accountants help limited companies, solicitors, doctors, sole traders, partnerships, clubs and associations prepare annual or monthly accounts to comply with statutory or reporting requirements.
All staff must be highly trained in the use of the latest available state-of-the-art-technology.
Services Include –
- Accounts for limited companies, doctors, sole traders, partnerships, clubs, associations and other organisations.
- Tax returns for companies, partnerships and individuals.
- Guernsey Tax & Customs enquiries.
- Tax planning of any discipline.
- Preparing profit and cash flow forecasts.
- Management accounts.
- Business planning.
- Review of accounting systems.
Accounting & Payroll
Maintaining your books and administration provides you with a well-defined record of the development of your business. Book-keeping services are designed to suit business needs, meet deadlines and conform with record keeping duties. Support from accountants will make available more time and resources to put towards your business.
A Guernsey accounting company can manage many payrolls for all types of firms, ranging from those with just one employee to those in excess of 100 staff or more. Payroll staff have an in-depth knowledge of employment regulations, as well as the ever-changing tax and social security rules, and can offer complete support and advice.
- Complete bookkeeping – sales invoice records, supplier invoices, cheques, bank reconciliations, petty cash, debtor and creditor listings, complete nominal ledgers, and trial balance preparation.
- Preparation of monthly management reports.
- Tax return preparation.
- Office support for your own staff shortages with our well trained individuals.
- Training for your staff.
- Payslip and Expenses and Benefits preparation.
- Company reports tailored to your requirements.
- Direct payment to employees’ bank accounts.
- Tax & Customs remittance advice calculating the amount due to the income tax and the forwarding of your payments.
- Negotiations with Revenue & Customs on your behalf relating to dispensations and they can deal with compliance visits.
- Tax and Social Security health checks to ensure you comply with latest regulations.
- Preparation of year end returns and Expenses and Benefits forms.
Many Guernsey accountants have vast experience of many years in corporate finance and present an exceptional service which is ‘second to none’.
If you wish to sell your company, most offer a first rate, best-value business sale facility.
At some stage in life, many family companies contend with succession problems. They can offer realistic and practical solutions to these issues based on their extensive experience.
- Raising finance and refinancing.
- Financial projections.
- Financial due diligence.
- Management buy outs.
- Business disposal and acquisitions services.
- Stock market flotation.
Business Start Up, Recovery, & Financing
Guernsey accountancy companies have assisted many organisations travel through the business life cycle – from start up to succession, skilfully helping to remove the many obstacles along the way.
Starting in business is fraught with problems and uncertainties. Accountants can offer solutions and guidance from the very outset, and then going forward as the organisation develops through its life.
For those businesses entering challenging times, they can also advise on the best and most suitable means of putting finance in place to ensure the continuity of the business.
- Advice on best legal status for trading purposes.
- VAT registration.
- Business planning.
- Accounting and bookkeeping.
- Payroll and taxation advice.
- Sources of finance.
Top accountants present unmatched expertise in making certain your business and personal taxation compliance needs are competently taken care of, and all return filing requirements are dealt with on a timely basis.
They will also plan for you to minimise the amount of tax you pay in a way that suits the requirements of your business and personal needs.
- Corporation Tax.
- Income Tax.
- National Insurance.
- Value Added Tax.
- Capital Gains Tax.
- Inheritance Tax.
- Compliance and planning.